Chapter 13 Bankruptcy and Your Auto Loan

Foreclosure consultation: https://bit.ly/3Ecnivo
Contact us today: 310-582-5628

In this video, Josh Sternberg from Sternberg Law Group explains the options for handling automobile loans during a Chapter 13 bankruptcy. He highlights three main approaches:

Direct Payment Option: Continue paying your auto loan directly outside of the bankruptcy if you are current on payments and satisfied with the loan terms. This works well if you're happy with your car and payments.

Including the Loan in the Chapter 13 Plan: You can include your entire car loan in the Chapter 13 repayment plan, which spreads the balance over 60 months. This can reduce your monthly car payment significantly but delays full ownership of the vehicle until the end of the plan.

Cram Down or Motion to Value: This option allows you to reduce the balance of your car loan to the actual value of the car if the loan is more than 910 days old (around 2.5 years). If you owe more on the car than it's worth, you can "cram down" the loan to the car’s value and pay that amount over the 60-month plan.

These options are designed to help debtors manage their car loans more effectively during bankruptcy. Sternberg advises consulting an attorney to determine the best option for your situation and invites viewers to contact his firm with any questions.
Would you like to learn more about our Sternberg Law Group?

------- USEFUL RESOURCES ------

Check out our Blog:
https://sternberglawgroup.com/blog/

More information about us:
https://sternberglawgroup.com/our-fir...

Our Facebook page:
  / thesternberglawgroup  

Our Instagram page:
  / sternberglawca  

Subscribe for more content like this:
   / @sternberglawgroupjls  

#sternberglawgroup #foreclosureattorney #mortgageattorney #bankruptcy #loanmodification Disclaimer: The information provided in this video is for general informational purposes only and is not intended to be legal advice. Viewing this video does not create an attorney-client relationship. If you require legal advice, please consult a licensed attorney in your area